Supervisory Disclosure
Supervisory Disclosure
The target of supervisory disclosure is to facilitate a uniform standard of transparency and responsibility of supervisory authorities. Publicised information should be easily accessible and comparable. For this reason, under the Solvency II regime and the EU Insurance Distribution Directive (IDD) legal requirements were created that the Austrian Financial Market Authority (FMA) must observe. The FMA’s disclosure obligations are defined in Article 256 of the Insurance Supervision Act 2016 (VAG 2016, Versicherungsaufsichtsgesetz), which transposes the provisions of the Solvency II Directive (Directive 2009/138/EC) and the Insurance Distribution Directive (Directive (EU) 2016/97). In addition Articles 316 and 317 of the Delegated Regulation (EU) 2015/35 as well as Implementing Regulation (EU) 2015/2451 clarify transparency provisions. In order to comply with these requirements the FMA hereby discloses information regarding the following thematic areas:
